The 9.3% m/m drop in new home sales in December reversed some, but not all, of November’s surge and left sales up by 14% over 2017 as a whole. A strong labour market, and the shortage of existing homes for sale, is supporting the demand for new homes. With the tax cut set to boost incomes this year, and housing starts showing some signs of life, a similar rise in new home sales can be expected in 2018.
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